Weekly Pivot Point: 1.6109.
GBP/USD:
Resistance: 1.6235. (Sell below this level).
Support: 1.5970. (Buy above this level).
Trading Recommendations:
According to previous events, the price is still located between the levels 1.5955 and 1.6290.
The descending movement will probably take place lower than the 1.6235 level with the first targets at levels 1.6160 and 1.6100 then 1.6025. BUY-deals are recommended higher than the 1.5970 level with targets at levels 1.6075 and 1.623.
Overview:
It should be mentioned that the market revealed the signs of instability. The trend movement was controversial as it took place in a narrow sideways channel. Concerning previous events, the price is still between the levels 1.5955 and 1.629, so it is recommended to be cautious while making deals in this area. Therefore, it is necessary to wait till the sideways channel is passed through. Then the market will probably indicate the signs of a bullish trend. In other words, BUY-deals are recommended higher than the 1.5970 level with its first target at the level of 1.6075. From this point the pair is likely to begin the ascending movement to the point 1.62 and further to the level 1.6233. However, if the pair fails to pass through the level of 1.6235, the market will indicate a bearish opportunity below the strong resistance level 1.6235 In this regard, SELL-deals are recommended lower than the 1.6240 level with the first target at 1.6160. It is possible that the pair will turn downwards continuing the development of the bearish trend to the level 1.61 then 1.6025.
The material has been provided by Instaforex Company – instaforex.com]]>
lease consider the support 3 (79.44) and resistance 3 (80.26) levels. In general, when a level has been reached, the USD/JPY pair will rebound from the previous minimum by 10 to 20 pips, but if the levels are broken through by over 50 pips, then it will be a sign of that these currencies have found today’s trends.